we will give some information on Commercial surety bonds, in the coming days, look for information on both court and contract bonds.

Most Commercial surety bonds have a one year term (check your invoice to see what the term period is for your particular bond).  You should receive an renewal invoice from your agent about 90 days prior to the expiration.  At Bryant Surety Bonds, we will mail you this invoice, as well as fax/email a copy using the information we have on file.

number one question is, why 90 days prior?  The reason for this comes from the legal language on your particular bond form.  Bond forms typically have a 30/60/90 day cancellation clause.  Meaning if you are not going to renew your bond, the surety must notify the obligee, 30, 60, or 90 days prior to it expiring.

Should you not pay your bonds premium prior to the renewal due date, a cancellation notice will be sent to the obligee.  After this has occurred it may still be possible to reinstate your bond, but a reinstatement fee will apply.

The second most asked question is, “when will I receive my new bond�?  In most cases (assuming the bond form has not changed since the original bond was issued) you will not be receiving a new bond; instead your current bond will be continued.

 

According to report released yesterday, “Factory production was up in a majority of districts, an improvement from the previous survey that found manufacturing was slow in most Fed districts.”

“Consumer spending and retail sales across the country generally were up, too, with luxury goods selling better than lower-end merchandise in some areas. Travel and tourism remained healthy but there was little change in auto sales.”

Economists predict the Fed will again hold a key interest rate at 5.25%, where it has stood for a year.